As anticipated, the Consumer Financial Protection Bureau's (CFPB) now Former Director Kathy Kraninger submitted her resignation letter to President Biden per his request that she step down. Kraninger posted the letter — dated January 20 and effective immediately — on her Twitter account. Kraninger expresses what she's said in many Congressional hearings throughout her tenure regarding the directorship of the Bureau, and is supported by the U.S. Supreme Court's decision in Seila— that the President should have the ability to choose who leads agencies in their administration.
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In the letter, Kraninger discusses the initiatives that the CFPB undertook under her leadership. These initiatives include consumer education, regulations for clear rules of the road for financial institutions (including Regulation F, the debt collection rule), and the Bureau's oversight and enforcement work.
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